Market is behaving similar to identical times in history, the way we expected. How far do we think this pullback will go? Will this be the right time to get in the market? Is this BULL market here to stay!!! Let's check few charts...

Below chart is re-posted here for memory refresh:A massive BULL market follows after a major turn in McClellan Summation Index. It is very difficult to catch the turn but we also observe that once the turn happens, McClellan Summation Index comes very close to EMA(59) which is translated into markets as a pullback providing an excellent buying opportunity for the next leg of BULL market.

In below chart, we see this buying opportunity marked as green dotted lines after the major low in McClellan Summation Index which corresponds to pullback in market before the next massive BULL rally. Market often drops near or below MA(100) before starting the next leg up. Remember, history often repeats itself, however it is never identical or exactly same.

In short, get ready for the next massive BULL market as this might be a rare chance to get on the BULL train.

Daily Nifty chart shows the next support is near 8200-8300 area but don't be surprised if it turns around before reaching it.

Weekly chart has not changed much and we believe that a massive Cup & Handle pattern formation is in the works. Once RSI touches oversold level we shall hopefully see a turn around.

It seems like everything is lining up so it would be wise to get ready for the next race as we do not want to miss the BULL train. This BULL market might turn out to be similar to 2003-2007 bull market when anyone and everyone made money. But if you invest wisely then the potential PAYOFF is HUGE.

As long as market remains above MA(100) and McClellan Index remains above EMA(59) then the BULL trend shall remain intact. Hence as soon as market gets back above MA(100) that could be considered as a good BUY point. However, there is possibility of this pattern to turn out to be a Double Top pattern which is bearish but the likelihood is very low.

What should we do to get ready?

If you cannot identify right stocks to invest as it carries more risk and needs good understanding of the company then the best way is to stick with mutual funds, you can use tools like The Fundoo and MoneyControl